On both my 256 RAM system and 512 RAM system the page file defaults at about 384MB after a fresh install. After installing XP uses about 1.5-1.7GB afaikr. So without page file it would be slightly more than a gig. You can move the page file to another HDD or partition to save space on the Windows partition. You can also install all programs on other partitions/HDD's. But 2GB is not enough. Some programs like DirectX, drivers, etc will be installed on the system partition by default. YOu will run out of space almost certainly.
TheMajorMMX - Intel P200 MMX @ 225Mhz - V-Tech (PcPartner) Baby-AT mb w/ Intel Triton TX chipset - Nvidia Riva TNT2 M64 w/ 16MB - 256MB M-Tec SDRAM - Still running.....